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Business Process-As-A-Service (BPaaS) Market 2022-2027, Industry Outlook, Growth, Size and Forecast
Business Process-As-A-Service (BPaaS) Market Report 2022-2027
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Business process-as-a-service (BPaaS) is a business process outsourcing (BPO) solution that employs a cloud computing service model. It is connected with software as a service (SaaS), platform as a service (PaaS), and infrastructure-as-a-service (IaaS) and facilitates various business operations, such as advertising, procurement, and marketing. It is fully configurable, enables better mobility and analysis, and offers high security compared to legacy BPO, which depends upon a third party to schedule, process, and deliver business functions. It helps minimize operational costs by providing on-demand solutions and facilitating streamlined delivery of products and services. Besides this, its cloud computing model helps automate monotonous tasks and eliminates risks by reducing the frequency of errors. BPaaS also offers high transparency by providing real-time access to the data and generating adequate reports. Moreover, it aids in accommodating large fluctuations in business process requirements due to its high flexibility and easy configuration properties. Apart from this, its agile and adaptive infrastructure supports the integration of advanced technologies. As a result, BPaaS is extensively used across numerous industries, such as healthcare, media and entertainment, and education.
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Business Process-as-a-Service (BPaaS) Market Trends and Drivers:
At present, rapid industrialization and the escalating demand for automation in various industries, such as banking, financial services and insurance sector (BFSI), telecommunication, and information technology (IT), represent one of the key factors positively influencing the market. In addition, the increasing demand for virtual sets of IT applications, such as networks and servers, is creating a positive market outlook. Moreover, the utilization of artificial intelligence (AI) driven analytics, machine learning (ML), and intelligent automation technology in business processes is strengthening the market growth. Additionally, a significant rise in the occurrences of data thefts and cybercrime activities is increasing the need for BPaaS solutions. Stringent government regulations to control privacy and security breaches and enhance data security are also providing a thrust to the market growth. BPaaS offers high confidentiality, integrity, and availability to organizations with open distributed computing environments, which is catalyzing its demand across the globe. Besides this, the growing adoption of BPaaS in small and medium enterprises (SMEs) on account of its high operational speed and efficiency, which help reduce the turnaround time for client and delivery processes, is creating a favorable market outlook. Moreover, BPaaS allows social media integration, identify and access management (IAM), email and SMS push notifications, application programming interface (API) management, and storing data backups, which is driving its demand globally. Furthermore, increasing investments in research and development (R&D) activities to introduce an anonymization-based protocol for enhanced security features are anticipated to drive the market.
Business Process-as-a-Service (BPaaS) Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Capgemini SE
Cognizant
Conduent Inc.
Fujitsu Limited
HCL Technologies Limited
International Business Machines Corporation
Oracle Corporation
SAP SE
Tata Consultancy Services Limited
Tech Mahindra Limited
Wipro Limited.
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The report has segmented the market based on process, deployment mode, organization size and industry vertical.
Breakup by Process:
Human Resource Management
Accounting and Finance
Sales and Marketing
Supply Chain Management
Digital Asset Management
Others
Breakup by Deployment Mode:
Private
Public
Hybrid
Breakup by Organization Size:
Small and Medium-sized Enterprises
Large Enterprises
Breakup by Industry Vertical:
Banking Financial Services and Insurance
Healthcare
Government
IT and Telecom
Manufacturing and Retail
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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